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Super-Snooping: Your Revised 2012 Credit Report

Written by Gary North on December 12, 2011

Well, it had to happen. Your credit report provides a number to tell lenders how good a risk you are. Staring in spring, it’s going to tell lenders a lot more than one number. It’s going to tell him all of your numbers.

Last week, a company called CoreLogic introduced a new type of credit file, which is based on the giant repository of consumer data it maintains on just about everything that most of the traditional credit bureaus do not: missed rental payments that have gone into collection, any evictions or child support judgments, as well as any applications for payday loans, along with your repayment history.

The new report also includes any property tax liens and whether you’ve fallen behind on your homeowner’s association dues. It may reflect that you now owe more than your house is worth or if you own any other real estate properties outright. It also is supposed to catch mortgages made by smaller lenders that the big credit bureaus may have missed.

The idea, CoreLogic says, is to provide lenders with more details about prospective borrowers, supplementing what they already know through the more traditional credit reports furnished by the big three credit bureaus, Equifax, Experian and TransUnion. Moreover, CoreLogic has formed a partnership with FICO — the provider of one of the most popular credit scores used by lenders — which will formulate a new consumer score based on the new data.

This is just the beginning.

While the CoreScore credit report became available to all types of lenders last Wednesday, the actual score, which will be ready in March, is being created specifically for mortgage and home equity lenders, though it could eventually be developed for other types of credit.

Are you going to be in this digital web? Probably. “An estimated 100 million American consumers will have a CoreScore credit report, while more than 200 million people have traditional reports from the big three bureaus.”

Ms. Gaskin said that FICO was still tweaking the credit score’s formula. But the next step is to build something that will try to get even deeper inside your financial mind: The company plans to create a more sophisticated tool that will predict how you might behave under different loan terms.

It will get more invasive. “Next year, it will begin to evaluate whether to include even more data, including your payment history on utility and cellphone bills.”

Since CoreLogic is now subject to the Fair Credit Reporting Act, which governs consumer reporting agencies, you will be able to dispute any information that you believe is incorrect. But if the data is accurate, albeit unflattering, it will trail you for a long time. Information culled from public records stays on your report for about seven years (or 10 years for bankruptcies).

This violation of privacy is the tip of the iceberg. Consider what the IRS can do to you if some agent wants to make trouble for you. If a private data-gathering agency can sell this much information to credit-check outfits for a little money, think of what the government can buy for a lot more money — your money, Mr. Taxpayer.

You had better find out what is in your files. Start this year. Then check in six months. To find out how, read the entire article.

Continue Reading on finance.yahoo.com

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12 thoughts on “Super-Snooping: Your Revised 2012 Credit Report

  1. Unless we stand fast, the Beast will wrap it's chains around our children and grandchildren and I couldn't live with myself if I sat and watched this happen. Patriots, the evil ones are trying to enslave us with technology and information gathering that is unprecedented in our history….Do Not Succumb….fight this evil with all of your strength!

  2. Supertad108 says:

    This is called control. Soon we will be told when, where, how, what and whom we associate, eat, drink and, well basically breath. As long as they (the enemies to our freedoms) control our country's finances and energy we will always be a slave to whom has the control. A good reason they placed limits on the fedgov in the first place. We. the People MUST take control of the federal reserve and our energy policies. Nothing else will reign in these commies. (S)He who controls the money controls US. Why? They can then dictate what EVERYthing is worth thus in a heartbeat take ANYthing from you. The socialist american puzzle is beginning to take shape from the inside out. Hmm, an ideal citizen will need to carry a #? credit rating in order to… ?? fill in the blank.

  3. This can be a good thing for people like me who have a record that is tarnish free for 30 years and only has a $65 charge to my account due to a failure of the vendor to followup on an incorrect address entry at their processing center. It only showed up at the closing on a home I was purchasing about 8 years later. It was paid and corrected within a hour and I don't know if it ever showed up on later reports. I don't think it did since it was not my mistake and it was immediately resolved once brought to my attention. I never make partial payments on my credit card purchases and have not financed a car since 1982. People like me are usually lumped in with the "fixed" credit company customers so a more indepth report sounds good to me.

  4. I have tried on several occassions to obtain my 'FREE' credit score. In EVERY case, I was routed to and agency that wanted any amount from 19.95 and up and I never, never did get my credit score. To deal in this maze, a person has to be be a qualified nutball., I will NOT divulge more than I have to and I also will NOT pay any amount because it is necessary to release
    credit card numbers or checking account numbers. I have already detected charges on my credit cards that are not mine and the card compaies have resolved the matters. Is there any 'COFIDENTIAL' way to do anything anymore ????? There are enough suckefrs out there and I'll not be one of them. I'll stick to good old USPS. They need help with the stamp business anyway.

  5. Bob Marshall says:

    Debt free and plan to stay that way.

  6. Mayflower Decendent says:

    Just unflipping believable! Even more info being put out there to help hackers steal your identity!

  7. More liberal invasions into our lives as they seek to turn us into a new Communist Country

  8. Or better yet, flee the country! I am!

  9. jim28threg. says:

    I really don't give a crap what this bunch of leaches say about me but I would like to see someone burn them down to the ground and then go to their homes and do the same but that's not very Christian is it? Guess I get tired of these sh-t heads making money by hurting others either by outright theft – slander – or simply preventing another from trying to improve their status especially when they do not know the entire situation. These are the same people who let their grandparents eat dog food for every meal and trade their children for another dollar in their pocket . Got to be politicians of some sort.

  10. jim28threg. says:


  11. Free American says:

    this is fully an invasion of our privacy. Just another way BIG Brother will be spying of us. This should not be allowed. And another waste of our tax money if the IRS gets involved. Wake up America. Open your eyes, Before it is to late. I stand on the Constitution and the Rights granted to us by our fore fathers. God Bless America. Pray for our Lord to come soon and put all this down the drain and give us the peace we truly deserve.

  12. Oh for God's sake!! Don't blame CoreLogic! After all the crap the government is forcing on banks which caused massive harm to the economy, who can blame the banks for wanting more information to backup why they should refuse worthless borrowers, when the government is mandating they should lend. Get pissed at the government!! You don't like the IRS nosing around…fine, it's a government agency, let the people rebel against a tyrannical government and get it abolished!!